Workspace portfolio falls in value

Workspace has announced that its commercial property portfolio fell in value over the six months to the end of September.

The company, which is a leading provider of office space in London areas, has claimed its interests are now valued at £870 million, just over 12 per cent lower than 12 months ago.

However, the business's underlying profits for the period rose by nearly £1 million to £19.6 million, due to a seven per cent increase in rental income.

The chief executive of Workspace, Harry Platt, said the company's portfolio should become "increasingly attractive" as interest rates fall.

"We do generate a solid income from a diverse customer base in affordable space with low capital values and good long-term growth prospects," he added.

Recent research by the International Property Databank found that the capital value of commercial property fell by a record level during last month.

Martin Slowe Property Services are Commercial Property Consultants offering a full range of Commercial Property Services.